Chapter 1 Homework – 10 points1. See the double taxation structure and determine which pay structure

Chapter 1 Homework – 10 points1. See the double taxation structure and determine which pay structure is applicable to before / after 2003 regulations. Write in black boxes below.PartnershipCorporationProfit$1,650,000$1,650,000Corp tax$0 $544,500Net income$1,650,000$1,105,500Cash div$1,650,000$1,105,500Tax div$0$221,100Tax partnership$594,000$0After-tax disposable income$1,056,000$1,785,000PartnershipCorporationProfit$1,650,000$1,650,000Corp tax$0 $577,500Net income$1,650,000$1,072,500Cash div$1,650,000$1,072,500Personal tax$636,900$413,985After-tax disposable income$1,013,100$658,5152. Calculate the five respective taxes and also please indicate whether the taxes are applicable for before / after 2003 regulation: Corporate tax, Dividend tax, Partnership tax, Corporate tax, and Personal tax. Write answers below black boxes above.